HOUSTON -- KMG Chemicals Inc. said Thursday that its chairman, company founder David Hatcher, will retire in December and be replaced by another member of the company's board.
Hatcher, 69, will not stand for reelection to the Houston-based company's board at its shareholder meeting in December. After the shareholder meeting, the board plans to name Christopher Fraser, a current KMG board member, as Hatcher's replacement as chairman.
Hatcher founded the company in 1985 and served as its CEO until 2007. He has been a KMG director for 25 years. He is expected to be named by the board as its chairman emeritus and stay involved with the company.
Fraser, 54, has been nominated with the support of Hatcher and KMG's current board members, the company said.
KMG Chemicals shares fell 12 cents to $17.98 in morning trading Friday. They have traded in a 52-week range of $12.69 almost a year ago to $19.72 in early July.